Wells Fargo & Company MN increased its stake in Summit Materials Inc (NYSE:SUM) by 1.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 367,157 shares of the construction company’s stock after buying an additional 6,402 shares during the period. Wells Fargo & Company MN owned 0.33% of Summit Materials worth $7,068,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently bought and sold shares of the stock. Intact Investment Management Inc. acquired a new stake in shares of Summit Materials in the 1st quarter worth $170,000. Financial Counselors Inc. purchased a new stake in Summit Materials in the first quarter valued at approximately $175,000. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its holdings in Summit Materials by 48.6% in the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 11,795 shares of the construction company’s stock valued at $187,000 after purchasing an additional 3,860 shares during the period. Skylands Capital LLC purchased a new stake in Summit Materials in the second quarter valued at approximately $193,000. Finally, Sheets Smith Wealth Management grew its holdings in Summit Materials by 24.0% in the first quarter. Sheets Smith Wealth Management now owns 14,904 shares of the construction company’s stock valued at $237,000 after purchasing an additional 2,883 shares during the period.
SUM traded up $0.03 during trading on Friday, hitting $22.55. 804,468 shares of the company’s stock were exchanged, compared to its average volume of 1,227,106. The company has a current ratio of 2.06, a quick ratio of 1.38 and a debt-to-equity ratio of 1.42. Summit Materials Inc has a 1 year low of $11.25 and a 1 year high of $23.10. The stock has a 50 day moving average price of $19.98 and a 200 day moving average price of $17.58. The firm has a market cap of $2.52 billion, a P/E ratio of 112.60 and a beta of 2.16.
A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Summit Materials from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Barclays set a $18.00 target price on shares of Summit Materials and gave the company a “hold” rating in a report on Friday, June 14th. ValuEngine upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. Finally, Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 6th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $20.30.
Summit Materials Profile
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
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